1 definition by GPFspeakingTruth
An internet-enforced currency used to launder money, purchase illegal drugs, child porn, and other criminal activities, all under the pretended idea that everyone is anonymous when using it.
China has become the primary miner location and investor group in Bitcoin to escape Yuan controls by their government. Any other exchange, miner group, or investor class is wholly dependent on what Chinese bitcoiners happen to decide to do that day, and the exchange rate from actual money to Bitcoin in any other currency than the Chinese Yuan is essentially random and disconnected from what is occurring in Chinese exchanges.
Most purchases using Bitcoin are for illegal drugs, child pornography, and money laundering, all of which can engage the purchaser into a long, involved, and expensive legal fight when they are caught.
Without the Internet and people donating their computers and bandwidth, Bitcoin is totally useless. Mining requires constant connectivity to ensure that only one chain of transactions is the real chain that matters, and without miners, no transactions between Bitcoin users are processed. Transactions between users line up in a queue until some miner accidentally gets the right number and some transactions are processed.
In the current state, Internet-required coins have been nothing but pump-and-dump schemes. Bitcoin has been successful due to its acceptance by drug and child porn sellers, and other criminal organizations.
China has become the primary miner location and investor group in Bitcoin to escape Yuan controls by their government. Any other exchange, miner group, or investor class is wholly dependent on what Chinese bitcoiners happen to decide to do that day, and the exchange rate from actual money to Bitcoin in any other currency than the Chinese Yuan is essentially random and disconnected from what is occurring in Chinese exchanges.
Most purchases using Bitcoin are for illegal drugs, child pornography, and money laundering, all of which can engage the purchaser into a long, involved, and expensive legal fight when they are caught.
Without the Internet and people donating their computers and bandwidth, Bitcoin is totally useless. Mining requires constant connectivity to ensure that only one chain of transactions is the real chain that matters, and without miners, no transactions between Bitcoin users are processed. Transactions between users line up in a queue until some miner accidentally gets the right number and some transactions are processed.
In the current state, Internet-required coins have been nothing but pump-and-dump schemes. Bitcoin has been successful due to its acceptance by drug and child porn sellers, and other criminal organizations.
I had a million US Dollars, so I converted them all to Bitcoin, and now I have 100,000 US dollars. Who will buy these stupid Bitcoins from me at an inflated price so I can possibly make back a percentage of what I lost?
How many grams of meth can I get for 10 Bitcoins? Promise you aren't a cop?
How many grams of meth can I get for 10 Bitcoins? Promise you aren't a cop?
by GPFspeakingTruth December 31, 2016